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Tips for Being Good with Your Money

Extra News | April 14, 2010

Alice Wood is the founder and president of Wealth Watchers International, a company dedicated to promoting financial education. She is the author of Wealth Watchers – A Simple Program to Help You Spend Less and Save More. The following are some tips on how to better manage your money.

Tips for Being Good with Your Money

1. Spend less money than you have.

2. Look for ways to save money.

•When possible, use public transportation or carpool
•Consider walking or riding a bike when running errands
•Plan meals in advance
•Borrow books and movies from the library
•Shop with a list
•Pay down debt as quickly as possible
•Try not to use an ATM outside of your bank’s system to avoid extra service charges

3. Set up direct deposit for your paycheck. Having your paycheck automatically deposited into your bank account or onto a payroll card will save you time and money by avoiding the long lines and high fees charged by some check cashing stores.

4. Open a savings account. Go to your local bank to set up a savings account. Even a small amount will make a difference over time.

5. Discuss your financial goals with a friend. You’re much more likely to reach a goal if you share it.